Argentine government to invest in blockchain startups

LatAm List – The Argentine government has agreed to coinvest in early-stage blockchain startups that are backed by Binance’s venture arm, Binance Labs, and the cryptocurrency exchange, LatamEx.

Binance Labs has chosen Buenos Aires as the Latin American center for the second generation of its Incubation Program.

In a recent announcement, Binance stated that the Argentine Ministry of Production and Labour will provide US$50,000 in financial support to every startup that gets Binance Labs’ approval and funding. The government will operate through Founders Lab, a local blockchain accelerator, and will have a limit of 10 projects per year for the next four years.

With Argentina’s currency crises and a history of banks restricting customer access, blockchain and crypto projects are finding success in the country.

‘‘Latin America presents one of the most attractive markets for blockchain adoption and real-use cases, and Argentina is leading the way by serving as the market’s gateway,’’ said Pablo Orlando, founder and CEO of LatamEx and Founders Lab.